The most commonly heard spot market price range for US domestic hot rolled coil is unchanged for the third week in a row, at $31.00-$32.50 cwt. ($683-$717/mt or $620-$650/nt), ex-Midwest mill, but sources close to SteelOrbis continue to report that deals slightly below the most commonly heard transaction range are still available for larger-tonnage bookings.
It’s also believed that flat rolled steel mills may be gearing up for yet another price increase announcement.
One SteelOrbis source said he visited a flats mill late last week; the mill rep said they “simply couldn’t get their hands on enough scrap this month to keep up with demand.” The source went on to say that increased HRC demand from pipe mills, combined with firmed global iron ore prices and strong indications of an uptrend in March scrap prices could be setting the stage for another price increase announcement.